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Vietnam's Eximbank will disburse any loans under India's $300 million credit for projects which use Indian-made equipment with value of up to 75 percent of the project's total investment, the Vietnamese government's website reported.

Each loan carries a 10-year span and an interest rate of 2 percent per annum, the website cited a Vietnam Textile and Apparel Association report as saying. Textile and garment exports are Vietnam's second-biggest cash earner after phones and accessories.

The credit comes ahead the Trans-Pacific Partnership (TPP) free trade pact being negotiated among 12 countries - including Vietnam but not India - which requires raw materials to be made locally or sourced from 12 TPP members.